1. WPC MBA SIM Fund April 26, 2013 Semi-Annual Board Update

2. Agenda IntroductionFund ObjectiveGeneral Strategy: Asset AllocationDiscussions on RebalancingActive Strategy: Global MomentumOther PositionsPerformance and Final Thoughts

3. 2012 – 2013 SIM Fund Team Martin Brcka John Good Kris Kaminski Joe ZanckColin PorterChris Pettit Portfolio Manager Paul Balskus Eric Williams

4. Fund Objectives Manage approximately $560,000 of the Arizona State Foundation Applying the MBA program’s teachings on fundamental analysis, portfolio management, and fund administration Track portfolio’s performance and continue to look for attractive investment opportunities Achieve positive returns relative to benchmarks

5. Research on Asset Allocation CFA Institute Whitepaper – Asset Allocation vs. Security Selection: Their Relative Importance The Importance of Asset Allocation – by Roger G. Ibbotson

6. Asset Allocation Methodology Reviewed average asset allocations for two types of institutional investors – NCSE study of 823 endowments as of June 2011 – Pension & Investments Top 1000 retirement funds as of December 2011 Reasons for looking at these institutional average asset allocations – Long-term outlook – SIM Fund is part of ASU Foundation Fund

7. Average Asset Allocations NCSE 2011 ReportP&I Online Top 1000 Funds Source: 2011 NACUBO-Commonfund Study of Endowment Results Source: Pension & Investments Online – February 6, 2012

8. MBA Portfolio Allocation: Oct -Jan

9. MBA Portfolio Allocation: Jan - April

10. January Rebalancing Discussions Fixed Income Commodities: Investment in oil? To Sell or not to Sell – Turkey and other country ETFs

11. Global Momentum Strategy Expanded the momentum strategy to pursue the top performing countries out of the 45 countries as indicated by the ACWI Ex US Index – Rank the t-12 to t-2 MSCI index returns for each of the 45 countries in the index – Equally allocate our 20% across the top five momentum countries

12. Country Allocation (November-January) 1.Thailand 2.Philippines 3.Belgium 4.Denmark 5.New Zealand 6.Turkey 7.Mexico

13. Country Allocation (February-Present) 1.Turkey 2.Philippines 3.Thailand 4.Belgium 5.New Zealand 6.Ireland 7.Denmark 8.Mexico

14. Global Momentum vs. ACWI Ex-US Index (11/20/2012-04/25/2013)

15. Global Momentum vs. Unconstrained Portfolio (11/20/2012-04/25/2013)

16. Global Momentum vs. Emerging Markets (11/20/2012-04/25/2013)

17. Global Momentum Portfolio Statistics (11/20/2012-04/25/2013)

18. US Equities – 60% US Equity Core – 30% – Vanguard Total Stock Market (VTI) Sector Overweight - 5% Each – Vanguard Sector ETFs VFH – Financials VHT – Healthcare VGT – Information Technology Small Cap Overweight – 15% – Vanguard Small Cap Index ETF (VB)

19. US Technology Sector vs. Russell 3000 (11/20/2012-04/25/2013)

20. US Healthcare Sector vs. Russell 3000 (11/20/2012-04/25/2013)

21. US Financial Sector vs. Russell 3000 (11/20/2012-04/25/2013)

22. US Small Cap Equity vs. Russell 3000 (11/20/2012-04/25/2013)

23. Real Estate vs. Russell 3000 (11/20/2012-04/25/2013)

24. Benchmarking Benchmark our returns against the Russell 3000 and a custom benchmark of the following:

25. Total Portfolio Vs. Russell 3000 (11/20/2012-04/25/2013)

26. Total Fund Performance (11/20/2012-04/25/2013)

27. Recommendations International Equity Increase allocation allowance to 40% Better representation of the world economy MSCI World Index (USD)

28. Appendix

29. Total Portfolio Heat Map 11/20/12 – 4/24/13

30. Total Portfolio Statistics 11/20/12 – 4/24/13

31. Vanguard Total Stock Market ETF (VTI)

32. Vanguard Small-Cap ETF (VB)

33. Vanguard Financials ETF (VFH)

34. Vanguard Health Care ETF (VHT)

35. Vanguard Information Technology ETF (VGT)

36. MSCI Thailand Investable Market Index Fund

37. MSCI Philippines Investable Market Index Fund

38. MSCI New Zealand Investable Market Index Fund

39. MSCI Turkey Investable Market Index Fund

40. MSCI Mexico Investable Market Index Fund

41. Vanguard REIT Index Fund Signal Shares (VGRSX)

42. Vanguard Intermediate-Term Investment-Grade Fund Admiral Shares (VFIDX)